Trinity Industries, Inc. bonds TRN
Who owns Trinity Industries, Inc.'s debt and what their own filings say it is worth. Bond prices and yields are fund-reported marks (SEC Form N-PORT) as of Jul 2026; they lag the market by about two months. TRN stock page.
Every bond funds hold
Each bond's latest fund-reported mark. Price per 100 of face value; yield to maturity from price, coupon and maturity; spread over the matched-maturity Treasury for US-dollar bonds.
| Bond | Coupon | Maturity | Ccy | Price | Yield | Spread | Funds | Held | As of |
|---|---|---|---|---|---|---|---|---|---|
| 896522AJ8 | 7.75% fixed | 2028-07-15 | USD | 102.05 | 6.61% | 240 bp | 25 | $59.1M | Jul 2026 |
Spread history
Median spread of the US-dollar bonds over Treasuries, month-ends with complete filings. Fund-reported.
Price history
Median fund-marked price across the bonds, per 100 of face value.
By month
Funds file on staggered quarter-ends, so each month-end is marked by the funds that reported for it; the amount held moves with which funds filed, not only with buying and selling.
| Month-end | Bonds | Held | Median price | USD yield | USD spread | Most funds on one bond |
|---|---|---|---|---|---|---|
| Jul 2026 | 1 | $59.1M | 102.05 | 6.61% | 240 bp | 25 |
| Jun 2026 | 1 | $66.1M | 102.29 | 6.53% | 242 bp | 24 |
| May 2026 | 1 | $81.5M | 102.50 | 6.46% | 246 bp | 30 |
| Apr 2026 | 1 | $60.7M | 102.60 | 6.46% | 266 bp | 29 |
| Mar 2026 | 1 | $60.1M | 102.48 | 6.56% | 285 bp | 24 |
| Feb 2026 | 1 | $79.9M | 102.94 | 6.39% | 290 bp | 30 |
| Jan 2026 | 1 | $63.7M | 103.21 | 6.32% | 274 bp | 28 |
| Dec 2025 | 1 | $59.4M | 103.88 | 6.08% | 255 bp | 24 |
| Nov 2025 | 1 | $75.1M | 104.10 | 6.03% | 248 bp | 30 |
| Oct 2025 | 1 | $64.3M | 103.65 | 6.26% | 273 bp | 30 |
| Sep 2025 | 1 | $64.9M | 103.46 | 6.37% | 282 bp | 25 |
| Aug 2025 | 1 | $66.1M | 103.51 | 6.39% | 271 bp | 30 |
| Jul 2025 | 1 | $65.4M | 104.11 | 6.20% | 236 bp | 26 |
Who holds the debt
Fund series in their latest quarterly N-PORT report, largest first, with the change in face value against each fund's own previous report. Names as reported in the filings. 17 added, 5 cut, 0 new holders and 4 exits in the latest quarter.
| Fund series | Report | Face value | Value | Change in face value |
|---|---|---|---|---|
| Lord Abbett Short Duration Income Fund LORD ABBETT INVESTMENT TRUST | 2026-05-31 | $22.8M | $23.4M | $0 |
| PGIM High Yield Fund Prudential Investment Portfolios, Inc. 15 | 2026-05-29 | $16.2M | $16.6M | $0 |
| NYLIM MacKay High Yield Corporate Bond Fund NYLIM FUNDS | 2026-07-31 | $15.0M | $15.3M | $0 |
| Guggenheim Total Return Bond Fund Guggenheim Funds Trust | 2026-06-30 | $13.2M | $13.5M | $0 |
| iShares Broad USD High Yield Corporate Bond ETF iShares Trust | 2026-07-31 | $11.2M | $11.4M | $853K |
| NYLIM MacKay Short Duration High Income Fund NYLIM FUNDS TRUST | 2026-07-31 | $7.5M | $7.7M | $0 |
| Nuveen High Yield Fund TIAA-CREF Funds | 2026-06-30 | $7.4M | $7.6M | $0 |
| PGIM Short Duration High Yield Income Fund Prudential Investment Portfolios, Inc. 15 | 2026-05-29 | $7.0M | $7.1M | $0 |
| JPMorgan Active High Yield ETF J.P. Morgan Exchange-Traded Fund Trust | 2026-05-31 | $6.6M | $6.8M | $126K |
| State Street(R) SPDR(R) Portfolio High Yield Bond ETF SPDR SERIES TRUST | 2026-06-30 | $6.0M | $6.1M | $915K |
| JPMorgan High Yield Fund JPMorgan Trust II | 2026-05-31 | $5.6M | $5.8M | $80K |
| Victory Pioneer High Yield Fund Victory Portfolios IV | 2026-07-31 | $5.6M | $5.8M | $0 |
| State Street(R) SPDR Bloomberg Short Term High Yield Bond ETF SPDR SERIES TRUST | 2026-06-30 | $5.4M | $5.5M | $950K |
| iShares 0-5 Year High Yield Corporate Bond ETF iShares Trust | 2026-07-31 | $5.2M | $5.3M | $0 |
| Baird Core Plus Bond Fund Baird Funds Inc | 2026-06-30 | $5.0M | $5.1M | $0 |
| High Yield Fixed Income Fund Northern Funds | 2026-06-30 | $4.9M | $5.1M | $0 |
| Greenspring Income Opportunities Fund Manager Directed Portfolios | 2026-06-30 | $4.8M | $4.9M | $4.3M |
| NYLIM VP MacKay High Yield Corporate Bond Portfolio NYLIM VP FUNDS TRUST | 2026-06-30 | $4.0M | $4.1M | $0 |
| State Street(R) SPDR(R) Bloomberg High Yield Bond ETF SPDR SERIES TRUST | 2026-06-30 | $3.6M | $3.7M | $334K |
| JPMorgan Core Plus Bond Fund JPMorgan Trust II | 2026-05-31 | $3.5M | $3.6M | $0 |
| Invesco BulletShares 2028 High Yield Corporate Bond ETF Invesco Exchange-Traded Self-Indexed Fund Trust | 2026-05-31 | $3.3M | $3.4M | $550K |
| AB HIGH INCOME FUND INC | 2026-07-31 | $3.1M | $3.1M | $0 |
| JPMorgan Income Builder Fund JPMorgan Trust I | 2026-07-31 | $2.6M | $2.7M | $40K |
| PGIM Active High Yield Bond ETF PGIM ETF Trust | 2026-05-29 | $2.2M | $2.3M | $616K |
| High Income Fund American Century Investment Trust | 2026-06-30 | $2.1M | $2.1M | $0 |
Largest exits in the latest quarter (fund held the bonds in its previous report, none now): Angel Oak Multi-Strategy Income Fund ($1.2M), Angel Oak Income ETF ($660K), Janus Henderson Absolute Return Income Opportunities Fund ($477K), Angel Oak High Yield Opportunities ETF ($100K).
ETFs holding these bonds
From each ETF's own latest N-PORT report: the issuer's bonds as a share of the ETF's net assets. A holdings list, not a recommendation.
| ETF | Report | Bonds | Face value | Value | % of net assets |
|---|---|---|---|---|---|
| USHY iShares Broad USD High Yield Corporate Bond ETF | 2026-07-31 | 1 | $11.2M | $11.4M | 0.04% |
| JPHY JPMorgan Active High Yield ETF | 2026-05-31 | 1 | $6.6M | $6.8M | 0.31% |
| SPHY State Street(R) SPDR(R) Portfolio High Yield Bond ETF | 2026-06-30 | 1 | $6.0M | $6.1M | 0.05% |
| SJNK State Street(R) SPDR Bloomberg Short Term High Yield Bond ETF | 2026-06-30 | 1 | $5.4M | $5.5M | 0.11% |
| SHYG iShares 0-5 Year High Yield Corporate Bond ETF | 2026-07-31 | 1 | $5.2M | $5.3M | 0.07% |
| JNK State Street(R) SPDR(R) Bloomberg High Yield Bond ETF | 2026-06-30 | 1 | $3.6M | $3.7M | 0.05% |
| BSJS Invesco BulletShares 2028 High Yield Corporate Bond ETF | 2026-05-31 | 1 | $3.3M | $3.4M | 0.49% |
| PHYL PGIM Active High Yield Bond ETF | 2026-05-29 | 1 | $2.2M | $2.3M | 0.17% |
| BHYB Xtrackers USD High Yield BB-B ex Financials ETF | 2026-05-31 | 1 | $1.8M | $1.9M | 0.08% |
| HYLB Xtrackers USD High Yield Corporate Bond ETF | 2026-05-29 | 1 | $1.8M | $1.9M | 0.05% |
| IBHH iShares iBonds 2028 Term High Yield and Income ETF | 2026-07-31 | 1 | $1.7M | $1.8M | 0.38% |
| SCYB Schwab High Yield Bond ETF | 2026-05-31 | 1 | $996K | $1.0M | 0.04% |
| SYFI AB Short Duration High Yield ETF | 2026-05-31 | 1 | $863K | $884K | 0.10% |
| JCPB JPMorgan Core Plus Bond ETF | 2026-05-31 | 1 | $765K | $784K | 0.01% |
| RIGS ALPS Strategic Income Fund | 2026-05-31 | 1 | $640K | $656K | 1.03% |
Default risk, three ways
Stock market: distance-to-default
Distance-to-default 3.72: safer than 34% of companies (33th percentile in Industrials). Market-implied, prices to 2026-10-16, balance sheet 2026-06-30.
| Equity value | $1.98B |
| Debt barrier (short-term + ½ long-term debt) | $2.61B |
| Equity volatility (1 year) | 34.7% |
| Asset value / asset volatility (solved) | $4.48B / 15.3% |
| Risk-free rate (1-year Treasury) | 4.28% |
Bond market: priced-in odds
A 240 bp spread prices in about 4.0% a year of default odds (spread ÷ (1 − 40% recovery)). Fund-reported marks as of Jul 2026; the spread also pays for liquidity and risk premium, so this overstates actual defaults.
Accounts: Altman Z
Altman Z'' = 1.70 (latest balance sheet). A fundamentals cross-check; see methods for the variant used.
The stock side: 13F filings
What institutions report holding in TRN's stock and options. Options are reported at the value of the underlying shares, not the premium paid; 13F lists long positions only, lags 45 days after quarter-end, and does not show whether puts hedge a stock position.
| Quarter-end | Stock holders | Stock value | Put managers | Puts (underlying value) | Call managers | Calls (underlying value) | Convertible holders |
|---|---|---|---|---|---|---|---|
| 2026-09-30 filings still arriving | 35 | $8.6M | 0 | — | 0 | — | 0 |
| 2026-06-30 | 332 | $2.61B | 8 | $24.6M | 6 | $3.0M | 0 |
| 2026-03-31 | 308 | $1.95B | 5 | $1.2M | 5 | $2.5M | 0 |
| 2025-12-31 | 294 | $1.84B | 4 | $989K | 4 | $3.2M | 0 |
| 2025-09-30 | 298 | $1.96B | 5 | $4.1M | 6 | $3.4M | 0 |
| 2025-06-30 | 285 | $1.88B | 6 | $5.5M | 6 | $1.6M | 0 |
Sources: fund holdings and fund-reported marks from SEC Form N-PORT (published about 60 days after each month-end); 13F filings; House and Senate periodic transaction reports and OGE Form 278-T; Treasury yields from FRED. Findings from filings, not advice. How each number is computed.